Gradient AI, a Cambridge, Mass.-based enterprise software provider of artificial intelligence solutions in the insurance technology space, raised $6.0m in a Series A financing.
The round was led by Forte Ventures and Sandbox Insurtech Ventures, with participation from existing investor MassMutual Ventures.
The company intends to use the funds to continue to expand operations and its business reach.
Led by CEO Stan Smith, Gradient provides an analytics suite for insurance carriers, managing general agents (MGAs), professional employer organizations (PEOs), third party administrators (TPAs), insurance pools and other insurance professionals featuring claims and underwriting solutions.
The artificial intelligence predictions for claims management, risk ranking, case-level reserving, medical treatment indicators, subrogation, large losses, settlement, fraud, and litigation aim to boost productivity, optimizing operations, and improving decision making.
The platform delivers fully automated integration into customers’ own claims and underwriting platforms via API, thus enabling automated claims workflows and processing of policy applications.